{"id":340431,"date":"2024-07-09T12:26:02","date_gmt":"2024-07-09T06:56:02","guid":{"rendered":"https:\/\/dripp.zone\/news\/spot-bitcoin-etfs-inflow-at-3-week-high-institutions-buying-heavily-ahead-key-events-crypto-news\/"},"modified":"2024-07-09T12:28:03","modified_gmt":"2024-07-09T06:58:03","slug":"spot-bitcoin-etfs-inflow-at-3-week-high-institutions-buying-heavily-ahead-key-events-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/spot-bitcoin-etfs-inflow-at-3-week-high-institutions-buying-heavily-ahead-key-events-crypto-news\/","title":{"rendered":"Spot Bitcoin ETFs Inflow At 3-Week High, Institutions Buying Heavily Ahead Key Events – Crypto News"},"content":{"rendered":"

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Spot Bitcoin ETFs saw nearly $295 million in net inflows on Monday, recording inflows for two consecutive days and starting the week with massive buying. This indicates institutional investors are buying heavily despite the German govt BTC selloff<\/a> and key macroeconomic events this week.<\/p>\n

Spot Bitcoin ETFs Inflow Hints At Upcoming Market Rally<\/h2>\n

Spot Bitcoin ETFs in the U.S. recorded a total net inflow of $294.8 million, the highest inflow in 21 days. It follows as institutional investors continue to buy the dip. Crypto asset investment products globally saw a $441 million inflow last week as crypto weakness by Mt Gox and the German Government selling pressure were seen as a buying opportunity, reported CoinShares<\/a>.<\/p>\n

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According to Bloomberg and Farside Investors, BlackRock\u2019s\u00a0iShares Bitcoin ETF<\/strong> (IBIT) recorded $187.2 in inflow, the highest inflow not seen in the last few weeks. Following the latest inflow, BlackRock\u2019s net inflow hit over $17.9 billion and BTC holding<\/a> is valued at nearly $18\u00a0billion.<\/p>\n

Fidelity Bitcoin ETF<\/strong> (FBTC) saw $61.5 in inflow on Monday, with the total inflow reaching $9.42 billion. Bitwise Bitcoin ETF (BITB), Ark 21Shares (ARKB) Bitcoin ETF, and VanEck Bitcoin ETF (HODL) also saw inflows of $11 million, $8.4 million, and $1.6 million, respectively. Other spot Bitcoin ETFs saw zero net inflows.<\/p>\n

Notably, Grayscale Bitcoin Trust<\/strong> (GBTC) also recorded inflows of $25.1 million after consecutive outflows in the previous days. GBTC buys 450 BTC, indicating strong demand from institutional investors.<\/p>\n

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Also Read: Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600<\/a><\/strong><\/p>\n

BTC Price To Rally Above $60k<\/h2>\n

Institutional buying signals high chances of Bitcoin rally to above $60k. Experts are overall bullish on BTC price and believe Mt. Gox creditors are not likely to sell their Bitcoin in this bull market.<\/p>\n

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In 6 months, US-listed Bitcoin ETFs brought in over $14.7B in net inflows. Key takeaway? Interest in #Bitcoin<\/a> and digital assets remains high. <\/p>\n

Token prices and market caps fluctuate, but the long-term fundamentals of our industry is strong. <\/p>\n

Stay focused and keep building! \ud83d\ude80<\/p>\n

\u2014 Richard Teng (@_RichardTeng) July 9, 2024<\/a><\/p>\n<\/blockquote>\n

BTC price<\/a> has jumped over 3% in the last 24 hours, with the price currently trading at $57,603 as traders adjusted positions based on Wall Street\u2019s bullish outlook on rate cuts. The 24-hour low and high are $55,240 and $58,131, respectively. Furthermore, the trading volume has increased by 36% in the last 24 hours, indicating a rise in interest among traders.<\/p>\n

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Derivatives market data shows massive buying by futures and options traders. BTC futures open interest across exchanges soared 2.60% in the last 24 hours. Buying is recorded on CME and Kraken, which implies higher demand in the US.<\/p>\n

However, traders must remain cautious due to the Fed Chair Jerome Powell<\/a> speech, CPI and PPI inflation data due this week.<\/p>\n

Also Read: What Could be The Maximum Impact of Mt. Gox Creditors Selling Their Bitcoins?<\/a><\/strong><\/p>\n

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